JasmyCoin (JASMY) and Dogecoin (DOGE) prices continued their bullish trend this week as a sense of Fear of Missing Out (FOMO) continued in the market. This trend has helped to push the price of Dogecoin to $0.90, a few points above the year-to-date low of $0.0734. Jasmy, popularly known as Japan’s Bitcoin, surged to a high of $0.0085, its highest point since January 2023.
Bitcoin has formed bullish patterns
The most important reason why Jasmy, Dogecoin, and other altcoins have surged recently is that Bitcoin has been in a strong bullish trend. BTC, the biggest cryptocurrency in the world, has jumped from last year’s low of $20,000 to over $52,000, its highest level since 2021.
There are signs that Bitcoin will continue soaring this year as the halving event nears. Halving is a situation where the number of Bitcoin rewards is reduced by half. In this case, these rewards will move from about 900 to 450, which will have an impact on supply flows at a time when demand from ETFs is rising. The iShares Bitcoin Trust (IBIT) has added over $6 billion in assets while the Fidelity Wise Origin ETF has added over $4 billion.
A quick look at Bitcoin’s daily chart shows that it has formed two bullish patterns. First, as shown below, Bitcoin has invalidated the double-top pattern that has been forming slowly. This happened as the coin jumped above $49,145, its highest swing on January 11th. In most cases, a double-top is one of the most bearish signs in the market.
Most recently, Bitcoin has formed a bullish pennant pattern that I have indicated in purple. This pattern is characterised by a long vertical line and a small triangle pattern. It is one of the most popular continuation signs. Therefore, I suspect that the BTC price will have a bullish breakout to about $55,000.
Jasmy price prediction
Therefore, in theory, the price of Bitcoin and other altcoins should do well now that Bitcoin will likely have a bullish breakout. Turning to the daily chart, we see a close correlation between Bitcoin and Jasmy. In this chart, like Bitcoin, Jasmy has invalidated the double-top pattern by moving above the double-top point at $0.0074.
The coin has also moved sharply above the 50-day and 25-day moving averages. Further, the two lines and histograms of the MACD have continued rising. Therefore, I suspect that the bullish trend may continue. However, a likely scenario is where it does a break-and-retest pattern and then resumes the bullish trend. This is where it pulls back and retests the support at $0.0074 and then recovers.
Dogecoin price forecast
Dogecoin and other traditional meme coins have been left behind in the recent crypto bull run as their demand wanes. On the daily chart, we see that DOGE price has risen gradually even as other cryptocurrencies have surged. It has moved from a low of $0.074 to a high of $0.090.
The 25-day and 50-day moving averages have made a bullish crossover, which is a bullish sign. Therefore, the outlook for the coin is bullish, with the next point to watch being at $0.10, which is about 13% above the current level.
Other crypto to buy
Dogecoin and other traditional meme coins like Shiba Inu and Dogelon Mars seem like they have lost favour among investors. Instead, some of the other top cryptocurrencies with a bullish momentum are Kaspa, Worldcoin, and Minu. Minu is a new meme coin whose price has surged by more than 106% in the past 24 hours.
